The Top 8 Exchanges to Start Trading Cryptocurrency

Handy Tips / 10.01.2021

As a new cryptocurrency trader, there are a lot of options to choose between. The market is hot right now, and selecting the right exchange for your trading activities will help you save on fees and secure higher ROIs. Notably, not all exchanges are created equal. Today, there are different types of exchanges. Each exchange has its options, features, and fee structure. Here are the best 8 exchanges to start trading cryptocurrency.

Bitstamp

Bitstamp is another experienced exchange that has offered services to the crypto community since 2011. As one of the first exchanges to service the EU market, Bitstamp has managed to carve out a valuable niche in the market. Part of the firm’s success can be attributed to its competitive fee structure. All purchases under $20,000 pay a 0.25% fee.

Bitstamp employs a variety of technologies to keep your crypto safe from hackers. The network was one of the first exchanges to support multi-signature (multisig) technology. Multi-sig wallets require multiple keys before approving any transfer of funds. This style of wallet is ideal for financial institutions and businesses. The network also supports 2-factor authentication on withdrawals. When your crypto is loaded on the account, it is kept in cold storage as an extra precaution.

Read the full review of the Bitstamp exchange.

Gemini

The Gemini Exchange is the brainchild of two dynamic Bitcoin billionaires and twins, Cameron and Tyler Winklevoss. Gemini is a smart option for new traders because it offers lower fees than some of the larger crypto exchanges on this list. Additionally, it’s a fully regulated platform. 

 Gemini provides new users with a regulated fiat on-ramp. Users can fund their accounts in various ways, including bank transfers, debit, and credit cards. Also, users gain an extra layer of security, knowing that the exchange has never been successfully hacked. Additionally, all users’ funds remain in cold storage until in use.

 The exchange offers discounts for large scale investors and on high-value orders. Best of all, your fiat deposits are FDIC insured against loss. These factors make Gemini a safe start for any crypto trading activities.

Read the full review of the Gemini exchange.

Poloniex

Poloniex is a fully regulated digital assets exchange that supports a large variety of coins. Impressively, Poloniex users can trade over 110+ cryptocurrencies at this time. Notably, not all cryptocurrencies are available to all users. If you live in a region where a specific coin is not approved, the network will automatically remove it from your trading options.

 Poloniex became a leading cryptocurrency exchange over years of reliable service. Like the other two exchanges listed prior, Poloniex is one of the earliest trading platforms still in operation. Impressively, this exchange was also the first crypto company to seek regulatory approval from FinCEN actively.

Read the full review of the Poloniex exchange.

BlockFi

BlockFi is an exchange and cryptocurrency custodian that continues to expand its features and market reach. The network allows anyone to trade across a wide range of cryptocurrencies with ease. Uniquely, you earn interest when you deposit funds on the exchange. The network pays up to 8.6% annually on your cryptocurrencies. This is over 8X what the average saving accounts interest rate is today for fiat currencies.

BlockFi allows you to borrow against your cryptocurrency as well. You can take out loans during market downturns, so you don’t have to directly sell your assets. Specifically, you can take out USD loans using Bitcoin as collateral. This feature places BlockFi in the hybrid exchange category.

BlockFi was founded in August 2017. The exchange launched in New Jersey after securing $158.7 million in funding from investors. BlockFi allows you to load your account via wire transfer. Your USD converts to stablecoins – USDC, GUSD, or PAX. From here, your interest is paid out monthly in Bitcoin, Ether, Litecoin, USD Coin, or Gemini Dollar. It’s that simple.

Read the full review of the Blockfi exchange.

Luno

Luno is a high-performance crypto exchange that offers a nice selection of coins and an intuitive trading window. The network is known for its high-security features and deep liquidity. Users gain access to simple order placement and high-quality charting tools when using Luno. The exchange is available online and via a mobile app.

The developers behind this exchange took great care to remove technical barriers. The intuitive user experience enables smooth, efficient trading across various digital assets. Additionally, the added liquidity ensures that all traders enjoy tight spreads. Importantly, Luno keeps 95% of users’ crypto in multi-signature wallets protected by many layers of encryption.

Luno also supports advanced APIs to streamline your market management and trading activities. The API allows anyone to manage an account via bots or other third-party systems programmatically. APIs also allow you to make trades and retrieve market data in real-time.

Robinhood Crypto

Robinhood is a free-trading app that can be credited as a major on-ramp into the blockchain sector. The network is unique because few stockbrokers provide the opportunity to trade cryptocurrencies. Robinhood crypto allows users to buy and sell cryptocurrencies without fees and trade 24/7.

Robinhood is a smart exchange for new users who want to trade small quantities of cryptocurrencies. Users have instant access to deposited cash on the platform. Impressively, there are no minimum account balances, so new users can start trading right away on the network.

The concept of free trades makes Robinhood a great option for cost conscience traders. New traders appreciate the notoriety, liquidity, and overall security of this established platform. Additionally, the Clearing by Robinhood service reduces some of the service’s account fees because the clearing occurs in-house.

Read the full review of the Robinhood exchange.

Coinmama

Coinmama was established in 2013 and is registered in Slovakia. This non-custodial exchange offers users the ability to trade directly from their wallets. Notably, the network features instant coin delivery, multiple payment options, and high spending limits. Additionally, the exchange serves a global audience. Coinmama is available in 200+ countries of the world, including 24 American States.

 Coinmama remains a wise option for new traders due to its easy user-Interface and high-security measures. Additionally, the network features 24/7 customer service, and you can buy cryptocurrencies directly with fiat currency. Coinmama users can get their crypto questions answered and further their investment strategy utilizing this network. 

Hitbtc

Hitbtc is a popular cryptocurrency exchange that offers some unique features that make it ideal for traders of all skill levels. There are three account levels Hitbtc users choose between – Starter, Trader, and Pro. Each account requires slightly more documentation. In return, your trading limits and withdrawal limits rise.

Hitbtc provides users access to a helpful Demo Mode. Here you can get familiar with all the website’s features. Your demo account is filled with (paper) 2000 USDT for practice purposes. You can then use this money to lay out a trading strategy that works for you. Best of all, you can get familiar with all the fees and options.

Hitbtc follows a traditional maker-taker fee model. Maker fees start at 0.1%. Notably, the fee structure is designed to lower your rates based on your trading volume. Impressively, if you can achieve a monthly trading volume of 100 000 BTC, the network rebates you for providing liquidity. 

eToro

eToro is a hybrid exchange. The network officially began as a Forex and EFTs exchange. Last year, the network expanded into the crypto market. Currently, eToro operates in more than 140 countries and lists millions of active users. Additionally, the network carried over its powerful trading tools into the blockchain sector. 

 Traders like eToro because it’s reliable and it features a robust toolset. This platform is smart for new traders because of its limited coin selection and unlimited demo accounts. Users can master their trading skills using real charts in the demo mode. When you have what it takes to profit, you can go active.

Read the full review of the eToro exchange.

Top 8 Exchanges to Start Trading Cryptocurrency

No matter what style of trader you seek to become, the exchanges listed here are sure to provide you with a great start. The crypto market is still new, and there are many risks one must consider before they begin trading. Stick to the exchanges listed, and you can cross off finding a secure and reputable platform from your concerns.

David Hamilton aka DavidtheWriter is a long time Bitcoinist and cryptocurrency journalist. Currently, he has over a thousand articles published on blockchain technology. His expertise and experience makes him one of the most reputable writers in the sector.